Source: Brown To Call For Higher Taxes On Wealthy, Sales Tax Hike
LOS ANGELES (CBS) — Governor Jerry Brown is ready to offer his latest solution on how to drum up cash for the state of California.
KNX 1070’s Charles Feldman reports a source has confirmed the governor wants voters to weigh in on a ballot measure to raise taxes on the wealthy while also increasing the state sales tax.
Under the measure, individuals earning more than $250,00 a year would see their income tax liability jump from 1 percent to as high as 2 percent for those earning over $500,000 annually.
The plan would reportedly raise an estimated $7 billion in revenue for the state.
In addition to income tax, sales tax — which typically has the biggest impact on the poor and middle class earners — would increase by half a cent.
All the proposed tax increases would expire in 2016 under the governor’s proposal.
Brown could file the initiative as early as Friday to get the measure on the ballot in 2012.